China's fast economic growth after 1978 provided opportunities for existing large plants to grow into more complex, big businesses, stimulated especially by booming demand for their `upstream' products, such as steel, heavy machinery and petrochemicals. However, large firms emerged also from...

The main body of the paper analyses the reasons and the nature of Corporation's remarkable growth during the economic reform years since the late 1970s in China.

In the analysis of China's industrial reforms attention has focused on the declining role of the state sector. However, the emergence of the fast-growing market economy in China since the late 1970s has provided opportunities for traditional large plants to grow into more complex big businesses,...

How are state-owned entreprises to be reformed? Privatisation seems to be the obvious solution. This essay argues that entreprises reform in the transition should focus on enhancing managerial.

In the evolutionary setting for a financial market developed by Blume and Easley (1992) the author considers an infinitely repeated version of a model B la Grossman and Stiglitz (1980) with asymmetrically informed traders. Informed traders observe the realisation of a payoff relevant signal...

In this paper we examine the spatial and temporal distribution of per capita income across Europe. We base our analysis on a cluster methodology which allows for an endogenous selection of regional clusters using a multivariate test for stationarity where the number and composition of clusters...

In a representative democracy, voters can use elections to protect their property by holding politicians accountable for the tax policies they implement while in office. This paper demonstrates that performance voting can - partly or wholly - solve the capital levy problem. We characterise the...